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Conceptwear

On May 24th 2012, Conceptwear Inc. (“Conceptwear”) filed a notice of intention to file a proposal pursuant to Section 50(4) of the Bankruptcy and Insolvency Act. KPMG is the Trustee acting in re: the proposal of Conceptwear.

On July 27th 2012, KPMG was appointed Receiver of Conceptwear by the Court with the objective to conclude a sale transaction of the assets held in guarantee by secured creditors such as the Royal Bank of Canada and Business Development Canada.

On August 2nd 2012, KPMG, in its capacity of Receiver, concluded a sale transaction of Concepwear’s assets with Fame Jeans inc. (“Fame”) on the terms set out in the offer presented by Fame on July 23rd 2012. Consequently, the Estate of the bankrupt does not own any assets.

On August 7th 2012, Conceptwear became bankrupt due to its failure to file a proposal. KPMG inc. was appointed Trustee of the Estate of Conceptwear.

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